Browse content similar to 12/04/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:00. | :00:00. | |
Corporate giants forced to come clean - | :00:07. | :00:10. | |
the EU cracks down on tax avoidance, with plans to force big firms | :00:11. | :00:15. | |
Live from London, that's our top story on Tuesday 12th of April. | :00:16. | :00:34. | |
The European Union prepares to unveil new tax rules | :00:35. | :00:36. | |
for the world's biggest companies, forcing them to reveal how much tax | :00:37. | :00:39. | |
But will the EU target tax havens too? | :00:40. | :00:49. | |
Japan's biggest brokerage Nomura plans cost cuts | :00:50. | :00:51. | |
Around 1,000 employees in Europe and the Americas are expected | :00:52. | :00:56. | |
to lose their jobs in a massive reorganisation of the business. | :00:57. | :01:06. | |
This is how Europe has opened in the first few minutes of trade, we will | :01:07. | :01:09. | |
assess the movers. And it's International Record | :01:10. | :01:11. | |
Store Day this Saturday. We'll be getting the inside track | :01:12. | :01:13. | |
on vinyl, when we speak to the company that makes | :01:14. | :01:16. | |
these record players. We will make the boss of, the | :01:17. | :01:26. | |
company that makes these record players. What other retro- tech | :01:27. | :01:28. | |
would you like to see? It is a busy show, let's get | :01:29. | :01:30. | |
started. Plans to force corporate giants | :01:31. | :01:41. | |
to disclose more about their tax affairs will be unveiled | :01:42. | :01:43. | |
by the European Union later today. Even before the leak | :01:44. | :01:46. | |
of the Panama Papers - which shone a spotlight on tax | :01:47. | :01:48. | |
avoidance globally - the European Commission | :01:49. | :01:50. | |
was debating new rules Tax avoidance currently costs the EU | :01:51. | :01:52. | |
between $60 and 80 million dollars That's big bucks when | :01:53. | :01:58. | |
many EU countries are So the new proposals | :01:59. | :02:04. | |
would require big companies - those earning over $850 million | :02:05. | :02:09. | |
a year - will have to publish their income and tax reports | :02:10. | :02:12. | |
from whichever EU country they operate in, on a | :02:13. | :02:17. | |
country-by-country basis. It would cover 6,500 companies | :02:18. | :02:21. | |
around the world, including But tax transparency campaigners say | :02:22. | :02:24. | |
the rules won't go far enough. They argue tax havens should also | :02:25. | :02:32. | |
fall under the new rules, with data from outside | :02:33. | :02:36. | |
the EU to be published Thanks for being on the programme. | :02:37. | :02:57. | |
Just to start with, hearing what Ben outlined sounds like a huge headache | :02:58. | :03:01. | |
for these global companies to have to come up with all this new | :03:02. | :03:06. | |
information? This draft proposal was put forward by the European | :03:07. | :03:12. | |
Commission today and if it gets through, multinational companies and | :03:13. | :03:15. | |
big companies would have to disclose that rough it, income and tax bills | :03:16. | :03:22. | |
that they make within the EU, that would be available to the public -- | :03:23. | :03:27. | |
disclose their profits, income and tax bills. This could get a real | :03:28. | :03:32. | |
boost because of the Panama Papers, there is more interest because tax | :03:33. | :03:36. | |
avoidance is bigger news. They are talking about drawing up and EU list | :03:37. | :03:41. | |
of tax havens. They would need to get member countries on board to | :03:42. | :03:47. | |
list tax havens. Basically, it would mean that if a multinational or big | :03:48. | :03:52. | |
company which does business within the EU has interests in a tax haven, | :03:53. | :03:57. | |
they would have to declare. The EU can't enforce anything, it would be | :03:58. | :04:02. | |
up to the parent nation to deal with it. It is the idea of putting it out | :04:03. | :04:09. | |
there for the public. Transparency campaigners are saying, oh, well, it | :04:10. | :04:14. | |
does not go far enough, it means that multinationals would not have | :04:15. | :04:18. | |
to publish their income in tax payment outside of the EU. -- income | :04:19. | :04:24. | |
and tax payments. At the EU would like this to pass, they did not | :04:25. | :04:29. | |
think it would go through if they made multinationals do that. Just to | :04:30. | :04:34. | |
say, which is typical of Europe, this will take quite some time | :04:35. | :04:39. | |
before it comes into force, assuming the announced plans are approved? | :04:40. | :04:45. | |
This is draft legislation being proposed today. It will have to be | :04:46. | :04:49. | |
accepted by EU leaders and then it will have to go through the European | :04:50. | :04:55. | |
Parliament. They are hoping that, because of the Panama Papers | :04:56. | :04:59. | |
scandal, there will be political will. It might be embarrassing for | :05:00. | :05:03. | |
EU leaders to oppose it too strongly. Also, it needs a qualified | :05:04. | :05:10. | |
majority vote to pass, it has been put into financial services, it does | :05:11. | :05:14. | |
not need unanimous voting, so they are hopeful that it will move | :05:15. | :05:17. | |
through, but the process takes months. For now, Leana, thank you | :05:18. | :05:24. | |
very much. She will keep us up to date. Some of the other business | :05:25. | :05:26. | |
News... Metals giant Alcoa has | :05:27. | :05:27. | |
cut its forecasts for revenue and earnings as it downgraded | :05:28. | :05:29. | |
expectations for global growth. The firm - which is often | :05:30. | :05:31. | |
seen as an indicator of the health of US industry - | :05:32. | :05:34. | |
says first-quarter earnings fell by 92%, | :05:35. | :05:36. | |
hurt by weak aluminium prices. The company also says it's | :05:37. | :05:38. | |
considering up to 2,000 job cuts. Luxury goods retailer LVMH says | :05:39. | :05:45. | |
revenues were up 4% in the first three months of this year, | :05:46. | :05:47. | |
compared to the same LVMH owns more than 60 luxury | :05:48. | :05:50. | |
brands, including Kenzo, The company said the US | :05:51. | :05:58. | |
market remained strong, but France has been affected | :05:59. | :06:05. | |
by a fall in tourism. Particularly sends the November | :06:06. | :06:18. | |
terrorist attacks in Paris. -- particularly since. | :06:19. | :06:20. | |
Brazil's President Dilma Rousseff has suffered a blow to her hopes | :06:21. | :06:22. | |
A special committee in Brazil's lower house of Congress has voted | :06:23. | :06:26. | |
in favour of recommending her impeachment over allegations | :06:27. | :06:28. | |
Looking at what is being discussed online today, there is a lot of | :06:29. | :06:41. | |
detail on some of the stories we have mentioned. If you want to dig | :06:42. | :06:46. | |
into the tax story you can look at that Onana Business Life page. There | :06:47. | :06:52. | |
are many of the stories, Nomura, which we will talk about with a team | :06:53. | :06:57. | |
in Singapore in a moment, but it is the London Book Fair starting this | :06:58. | :07:05. | |
morning. Some nice old tech to get your teeth into! In the wake of the | :07:06. | :07:11. | |
Kindle and the growth of e-readers, the book is making a bid of a | :07:12. | :07:18. | |
comeback. That is a bit like story about vinyl. Let's mention Japan. | :07:19. | :07:21. | |
Japan's largest brokerage, Nomura, plans to shut down its European | :07:22. | :07:23. | |
equity operations as it cuts costs after years of failing to become | :07:24. | :07:26. | |
Nomura, this is interesting, we have heard about the implications of a | :07:27. | :07:40. | |
slowdown around the world and what it means for many organisations, to | :07:41. | :07:45. | |
some extent the financial world has survived most of this unscathed, but | :07:46. | :07:48. | |
not yet getting through quite so cleanly? Global investment banks in | :07:49. | :07:55. | |
recent years, many have been selling off Origi sing the size of non-core | :07:56. | :08:00. | |
or non-performing businesses. Japan 's Nomura is the latest to join | :08:01. | :08:05. | |
them. We understand they are downsizing the size of a European | :08:06. | :08:09. | |
cash equities business. They are not shutting it down, they are getting | :08:10. | :08:15. | |
rid of basic and proportion, meaning lots of jobs will go -- getting rid | :08:16. | :08:19. | |
of a significant proportion. They say that will be 500 to 600 jobs in | :08:20. | :08:24. | |
North America and Europe, but another source says around 1000 jobs | :08:25. | :08:29. | |
could go as well. This is a big load from Nomura, they have wanted to be | :08:30. | :08:33. | |
an international player on the banking stage. In 2008 they bought | :08:34. | :08:39. | |
Lehman Brothers' European and Asian businesses when the firm went under | :08:40. | :08:43. | |
chewing the height of the financial crisis, they wanted to build their | :08:44. | :08:48. | |
brands abroad. Ultimately, it has not performed, they have not made | :08:49. | :08:51. | |
money, and so like their peers they have suffered from market volatility | :08:52. | :08:55. | |
and they are shrinking the size of businesses that are not doing well. | :08:56. | :09:00. | |
Thank you, Leisha Chi in Singapore bureau. | :09:01. | :09:06. | |
Let's look at what the numbers are doing at the moment. | :09:07. | :09:07. | |
Worries over earnings on the minds of investors this week. | :09:08. | :09:09. | |
The worry that it could be another disappointing quarter and there's | :09:10. | :09:12. | |
lots of speculation about just how bad it could get. | :09:13. | :09:15. | |
Major banks announcing their earnings this week | :09:16. | :09:19. | |
and if they come in below expectations, it starts raising | :09:20. | :09:21. | |
tough questions for policymakers, not least the Fed and whether it | :09:22. | :09:24. | |
Mariko Oi has the details from New York. | :09:25. | :09:43. | |
The International Monetary Fund issues its latest world economic | :09:44. | :09:48. | |
Outlook on Tuesday, this comes just ahead of the IMF's Spring meetings | :09:49. | :09:53. | |
with the World Bank taking place this week in Washington, DC. In the | :09:54. | :09:57. | |
forecast, expect warnings that the global economy is at risk, because | :09:58. | :10:04. | |
of China's downturn, lower commodity prices and the slowdown in emerging | :10:05. | :10:07. | |
market economies. This week brings plenty of fresh US economic data. On | :10:08. | :10:15. | |
Tuesday, look out the numbers on the federal budget in addition to import | :10:16. | :10:20. | |
and export prices. In tech news, Facebook holds its annual developers | :10:21. | :10:24. | |
conference this week in San Francisco. It kicks off on Tuesday | :10:25. | :10:28. | |
and CEO Mark Zuckerberg will be delivering the keynote address. That | :10:29. | :10:34. | |
is the lovely Mariko, she is normally in Singapore but she is in | :10:35. | :10:35. | |
New York at the moment. Joining us is Tom Stevenson, | :10:36. | :10:37. | |
Investment Director Good morning, Tom. As Mariko | :10:38. | :10:49. | |
mentioned, it is about earnings. The news last night did not look good? | :10:50. | :10:58. | |
Earnings are a big focus, Alcoa always kicks it off, they were | :10:59. | :11:05. | |
pretty disappointing. 92% fall. They downgraded the outlook for global | :11:06. | :11:09. | |
growth and demand for aluminium. The thing about earnings season this | :11:10. | :11:14. | |
quarter is the expectations are very low, we expect earnings to be as | :11:15. | :11:18. | |
much as 8% lower, year-on-year. In a way, that could be good, markets | :11:19. | :11:25. | |
react to what they expect. If earnings expectations are as low as | :11:26. | :11:28. | |
they are, things could turn out better than expected. That | :11:29. | :11:34. | |
fascinates me about earnings season, it is managing expectations. Lots of | :11:35. | :11:37. | |
organisations have said that things are terrible, the reality is | :11:38. | :11:41. | |
difficult, but if you speak to them privately, they say, things are not | :11:42. | :11:46. | |
bad, we are coping, there is a real mismatch between what they want to | :11:47. | :11:49. | |
publicly admit this is what they are preparing us for? Lots of it is | :11:50. | :11:54. | |
managing expectations, if you can get the market to think that things | :11:55. | :11:58. | |
will be pretty bad, when you announce your figures it can give | :11:59. | :12:03. | |
your share price a boost. Oil is in focus, at the end of last week in | :12:04. | :12:08. | |
particular? One of the reasons why earnings season is expected to be so | :12:09. | :12:11. | |
bad is because the energy sector profits will be very, very low, | :12:12. | :12:17. | |
almost wiped out. All eyes will be on the Doha negotiations, they are | :12:18. | :12:21. | |
talking about whether they can cut production in order to boost the | :12:22. | :12:26. | |
price. Expectations for a positive outcome through those talks has | :12:27. | :12:30. | |
already seen the oil price push-up to about $43 a barrel, a lot higher | :12:31. | :12:36. | |
than six weeks ago or so. Thank you, Tom. He will talk as do some of the | :12:37. | :12:39. | |
stories later. Vinyl revival - they were once | :12:40. | :12:42. | |
destined for museums and history books, but vinyl records | :12:43. | :12:45. | |
are making a comeback. And that's good news | :12:46. | :12:47. | |
for the makers of record players! We meet the man behind one | :12:48. | :12:50. | |
of the world's most respected makers of turntables - | :12:51. | :12:52. | |
the Glasgow-based firm Linn You're with Business | :12:53. | :12:54. | |
Live from BBC News. We've had an update from the online | :12:55. | :13:00. | |
retailer ASOS this morning. It says profits are up | :13:01. | :13:03. | |
18% to ?21.2 million The firm began life at the height | :13:04. | :13:05. | |
of the dotcom boom in 2000, has had a tough few years but now | :13:06. | :13:16. | |
says it's on track to meet sales and profit guidance for the full | :13:17. | :13:20. | |
year. I think ASOS stands for As Seen On | :13:21. | :13:26. | |
Screen? Absolutely. Kate Hardcastle is a retail expert | :13:27. | :13:32. | |
at Insight With Passion. Good morning. Talk is through this | :13:33. | :13:42. | |
turnaround. It has been pretty tough in recent times, but we are told | :13:43. | :13:47. | |
that things are looking much better? What I think ASOS have done | :13:48. | :13:50. | |
brilliantly is determine what their core purposes, they have understood | :13:51. | :13:55. | |
that, for a 20-something customer, of which they want to be the world | :13:56. | :13:59. | |
leading retailer to supply them, they had to change their business to | :14:00. | :14:04. | |
suit. You have got offers to that 20-something customer, free returns, | :14:05. | :14:09. | |
free delivery, categorisation not only by-product but by fashion trend | :14:10. | :14:14. | |
and celebrity, which makes the ASOS site very appealing, there | :14:15. | :14:18. | |
easy-to-use and, for a 20-something, very exciting. Hind the scenes they | :14:19. | :14:24. | |
have operations to conform a lot better, they have their | :14:25. | :14:26. | |
international situation sorted out by pulling out of China are little | :14:27. | :14:30. | |
bits, they have ensured that their operational/ chair, their returns | :14:31. | :14:38. | |
policy etc, is healthier for the customer -- their operational | :14:39. | :14:43. | |
structure. That said, you will still see consumers complaining about the | :14:44. | :14:46. | |
challenges they find contacting somebody at the business. | :14:47. | :14:50. | |
Interesting that ASOS should see a turnaround, companies like Marks | :14:51. | :14:55. | |
Spencer, that dignity with their women's clothing, are struggling. Do | :14:56. | :14:58. | |
they look at these companies and try to pick from them the best bits of | :14:59. | :15:03. | |
turnaround plans? That is what you have with ASOS, they will be | :15:04. | :15:08. | |
spending money and leading the way, others will be quick to follow, | :15:09. | :15:11. | |
adding not gone down some of the dead-end roots that they will have | :15:12. | :15:16. | |
to invest in. -- having not gone down. They have listened to the | :15:17. | :15:20. | |
customer and are delivering, that they have a very fickle customer in | :15:21. | :15:24. | |
the 20-something. Marks Spencer 's have such a wider group of customers | :15:25. | :15:28. | |
to be able to offer two, it is a much more difficult challenge. Thank | :15:29. | :15:30. | |
you, Kate. Things looking much better, Kate, | :15:31. | :15:37. | |
thank you. Our top story: Corporate giants | :15:38. | :15:42. | |
forced to come clean. The EU cracks down on tax avoidance, | :15:43. | :15:48. | |
with plans to force big firms to publish where | :15:49. | :15:51. | |
they make their profits. And therefore pay tax in the | :15:52. | :15:59. | |
jurisdiction in which it is earned. The EU says that could be about to | :16:00. | :16:02. | |
end. This Saturday is International | :16:03. | :16:05. | |
Record Store Day, an initiative designed to promote sales | :16:06. | :16:07. | |
of vinyl records. After being consigned | :16:08. | :16:09. | |
to the history books, sales of vinyl have soared | :16:10. | :16:14. | |
and that's boosted demand And it's something our next guest | :16:15. | :16:17. | |
knows all too well. The company is one of | :16:18. | :16:25. | |
the world's most respected Linn was founded by Gilad's | :16:26. | :16:27. | |
father, Ivor, in 1973. While the company still sells | :16:28. | :16:34. | |
its original turntable and new home music systems, | :16:35. | :16:36. | |
it also makes revenue from the sale of digital downloads | :16:37. | :16:38. | |
from its recorded music division, and from its recently added line | :16:39. | :16:40. | |
of digital streaming players. Gilad Tiefenbrun is | :16:41. | :16:48. | |
Managing Director of Linn. A very warm welcome to Business | :16:49. | :16:58. | |
Live. Thank you. There is so much to your business, I think people | :16:59. | :17:01. | |
generally think of the turntable, don't they? Because that's really | :17:02. | :17:07. | |
what you were about and what many sort of associate you with, isn't | :17:08. | :17:10. | |
it? That's right. My father invented the Linn LP12 turntable in 1973. He | :17:11. | :17:19. | |
was a mechanical engineer with a passion for music and people were | :17:20. | :17:23. | |
designing turntables so they wouldn't skip on the record and | :17:24. | :17:26. | |
through trial and error he realised if you focussed on getting | :17:27. | :17:29. | |
information out of the groove of the record, you could actually achieve a | :17:30. | :17:33. | |
much better sound. So you grew newspaper a home where you were | :17:34. | :17:37. | |
being blasted by music all the time! Your dad and his colleagues testing | :17:38. | :17:41. | |
things out. You told me there was a lot of Pink Floyd? Yes, I was kept | :17:42. | :17:49. | |
awake by Darkside Of The Moon and ELO, that's what it was like back in | :17:50. | :17:54. | |
the 70s. The vinyl and the record player has stood the test of time as | :17:55. | :17:59. | |
we said there, making a come back now and in the meantime, we have | :18:00. | :18:03. | |
seen CD players come and go, we have seen cassettes come and go, what is | :18:04. | :18:08. | |
it about vinyl that people keep coming back to? There is something | :18:09. | :18:11. | |
magical about the experience of taking that record out of its sleeve | :18:12. | :18:15. | |
and you have to take really good care of it, putting it down on the | :18:16. | :18:21. | |
platter and there is something interactive that makes you connect | :18:22. | :18:24. | |
with the music and encourages you to listen to the full side of an album | :18:25. | :18:28. | |
which is so different to the flipping mentality that there is | :18:29. | :18:32. | |
today. So there is a real kind of enduring, enjoyment that goes with | :18:33. | :18:37. | |
vinyl that really attracts people plus it sounds better than the other | :18:38. | :18:41. | |
formats that you mentioned. It doesn't sound better than digital | :18:42. | :18:45. | |
though and during the digital era, that was something that you | :18:46. | :18:47. | |
introduced to the company, wasn't it? Well, that's right. Modern | :18:48. | :18:52. | |
digital recordings are best experienced just played directly | :18:53. | :18:59. | |
through a digital streamer like our range of players, but to a beguning | :19:00. | :19:03. | |
generation they will only have experienced MP3, probably through | :19:04. | :19:07. | |
portable players, so vinyl for them is a big jump up in quality, | :19:08. | :19:10. | |
probably the best quality they will have experienced. We are talking | :19:11. | :19:14. | |
about the comeback, but it will always be a niche business, I can't | :19:15. | :19:18. | |
imagine this will see the full-scale appeal that it once did, but it is | :19:19. | :19:22. | |
an important niche and one that will keep making money for you, but | :19:23. | :19:27. | |
digital and streaming services are the majority of your business, how | :19:28. | :19:30. | |
do you balance the two conflicting demands? Well, my father had the | :19:31. | :19:39. | |
fore sight to design his turntable so it was upgradeable. So if you | :19:40. | :19:47. | |
bought it the LP12 in 1973 you could upgrade it step by step to the 2016 | :19:48. | :19:51. | |
specification. We take a similar approach on the digital side, but it | :19:52. | :19:57. | |
is software upgrades so if new formats come out, we make sure our | :19:58. | :20:01. | |
customers can experience the improvements in sound quality. So | :20:02. | :20:06. | |
what's the next step? Where do we go next? Well, I think people want to | :20:07. | :20:09. | |
listen to whatever they want, wherever they are and I think what | :20:10. | :20:14. | |
we are seeing then is higher quality digital coming along through | :20:15. | :20:17. | |
streaming services like Tidal and they integrate to a system like Linn | :20:18. | :20:21. | |
and allow you to access the huge libraries in the Cloud and not | :20:22. | :20:27. | |
necessarily at MP3 quality, there is now higher quality music becoming | :20:28. | :20:30. | |
available for everyone. It is fascinating. We could talk much | :20:31. | :20:36. | |
more, but time is against us. Thank you for coming in. We appreciate it. | :20:37. | :20:42. | |
We were asking you what other retro tech would you like to see make a | :20:43. | :20:46. | |
comeback? A surprising number said you want to see cassettes back. I | :20:47. | :20:49. | |
really don't understand that. I don't either. I remember them | :20:50. | :20:53. | |
unRAFFing and the whole thing getting messy! And you had to do it | :20:54. | :20:59. | |
with your pencil and the rubbish quality! A lot of you commenting on | :21:00. | :21:04. | |
the difference in the quality as we touched on, the difference between | :21:05. | :21:08. | |
CDs, records, vinyls and cassettes, clearly quality is a big issue. Are | :21:09. | :21:13. | |
you too young for vinyl? No, I remember vinyl. He is not that young | :21:14. | :21:19. | |
then you see! Not that young! Let's move swiftly on, shall we? | :21:20. | :21:20. | |
. Well, how about adding | :21:21. | :21:24. | |
17 more rotor blades? Entrepreneur Alex Zosel says | :21:25. | :21:30. | |
that his unusual looking device with 18 rotors can still fly | :21:31. | :21:32. | |
even if some of its batteries It can even land itself | :21:33. | :21:35. | |
when battery power is low. But the multicopter can only fly | :21:36. | :21:39. | |
for 25 minutes and is expected to cost nearly $300,000 | :21:40. | :21:42. | |
when it goes on sale. With 18 rotors we have a really safe | :21:43. | :21:44. | |
system so we can lose more than two rotors with no problems and also | :21:45. | :22:09. | |
in very hard and So we have a lot of people | :22:10. | :22:12. | |
who want to buy it. So the first step is we want | :22:13. | :22:27. | |
to sell to flight schools. So the challenge is | :22:28. | :22:32. | |
with the authorities. The German authorities are working | :22:33. | :22:35. | |
very, very good with us. So we are sure that we can have | :22:36. | :22:43. | |
in two-and-a-half years a type certification so we can produce | :22:44. | :22:46. | |
a large scale and sell it We were so. | :22:47. | :22:57. | |
Busy having a chat there, welcome back! | :22:58. | :23:01. | |
They didn't go anywhere. They were just listening to helicopter news. | :23:02. | :23:04. | |
Welcome back to our conversation and Tom is with us to talk about the | :23:05. | :23:07. | |
newspapers and Tom, we are going to talk about this tall tower. Dubai, | :23:08. | :23:13. | |
home, of course, to the world's tallest, but they are going to build | :23:14. | :23:17. | |
an even taller one? Yeah, funny that, isn't it? I can see why they | :23:18. | :23:24. | |
are building another tall tower because the Saudis just next door | :23:25. | :23:32. | |
are about to open an even taller, a one kilometre high kingdom tower. | :23:33. | :23:37. | |
Unsurprisingly the UAE, Dubai are coming back by 2020 they will have | :23:38. | :23:42. | |
an even taller tower and it will sit within a megaretail district, you | :23:43. | :23:45. | |
would have thought Dubai probably had enough retail space, but who | :23:46. | :23:49. | |
knows. Someone has done the research about when you build the towers and | :23:50. | :23:54. | |
it tends to be, you build during a downturn when stuff is cheap and | :23:55. | :23:57. | |
labour is cheap and building materials are cheap and you get the | :23:58. | :24:00. | |
fruits of your labour when the economy picks up again. There is so | :24:01. | :24:05. | |
there is a strange correlation between what the economy is doing | :24:06. | :24:09. | |
and when you build these things? The cycle is wrong which is why property | :24:10. | :24:13. | |
companies make a lot of money and lose a lot of money. That's the | :24:14. | :24:16. | |
nature of the business. On from the tall tower to the new ?5 in | :24:17. | :24:21. | |
Australia which viewers will see in a moment when this loads up. Sorry | :24:22. | :24:27. | |
Australia dollars. A picture of the Queen on it? Yes, I have seen only | :24:28. | :24:32. | |
seen a black and white picture. If you look at the comments below the | :24:33. | :24:36. | |
story on the online version of this. We have got a colour one, Tom. | :24:37. | :24:41. | |
Rather unfavourable comments about the colours, could have been drawn | :24:42. | :24:48. | |
by a child in kindergarten. Plus the Queen is grey. A lot of comments | :24:49. | :24:51. | |
about the Queen perhaps unsurprise grid in Australia. So -- | :24:52. | :24:56. | |
unsurprisingly in Australia. So it is not an uncontroversial note. It | :24:57. | :25:09. | |
makes h look rather young. On to the Guardian, Kraft beer, we have a lack | :25:10. | :25:13. | |
of hops. This is another industry that we used to do very well and | :25:14. | :25:18. | |
stopped doing. We used to grow lots of hops, we stopped growing hops and | :25:19. | :25:21. | |
now they are grown in America and Germany, but there has been a | :25:22. | :25:25. | |
problem with the German harvest. There is a shortage of hops. The | :25:26. | :25:31. | |
price are soaring and one of the reason the price is soaring is | :25:32. | :25:36. | |
because of Kraft beer, they use a lot of hops, Kraft beers. Are you a | :25:37. | :25:41. | |
craft beer fan? I like a beer once in a while. Let's ignore that. My | :25:42. | :25:48. | |
tablet is doing funny things. Sally has broken the tablet so it means we | :25:49. | :25:51. | |
have got to go! That's all from Business Live for | :25:52. | :25:58. | |
another day. We are back tomorrow. We are, same time, same place. Have | :25:59. | :26:00. | |
a great day. Bye-bye. | :26:01. | :26:06. |